2021 Q2 Market Commentary

Chris Brown Chief Investment Officer The psychology of money This quarterly update is often guilty of writing about numbers and data and mathematical returns and making it sound like markets are a giant machine where if X happens then, pull the handle, and Y will pop out as your portfolio return. This is probably true […]

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2021 Q1 Market Commentary

Chris Brown Chief Investment Officer This time really has been different For this update we thought we would mix it up a little and take a (much) longer historical perspective on our current situation, including data on the Black Death and Napoleonic wars. None of us have (thankfully) lived through a global pandemic (and few […]

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2020 Q4 Market Commentary

Market Commentary Let us begin our review with some humility. We will talk here about what happened last year and give our outlook for the year coming up. But, as Yogi Berra famously once said, forecasting is hard, especially about the future. To illustrate this we show the one year forecasts the best and brightest […]

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Market Update – November 2020

Chris Brown, CIO, 5th November 2020 In our October client overview we wrote that we had taken risk up a little in our investment portfolios. This meant adding some high yield credit and equities (mainly in Europe) where we thought it was appropriate. We wrote our rationale in detail in our update but – broadly […]

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2020 Q3 Market Commentary

Q3 Overview From a returns perspective, the third quarter may look at first glance pretty unremarkable. Our equity investments had a mixed quarter (global equities rose while the UK equity market fell), our “real” (inflation protected) assets did their job of beating inflation plus a bit and our (safety focussed) fixed income investments were broadly […]

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Market Update – July 2020

Q2 Overview One of the sharpest falls in equity market history has been followed by one of the quickest recoveries. The US technology focused Nasdaq market is even up for the calendar year. This means the market thinks prospects for these companies are now better than they were six months ago. Meanwhile, in the real […]

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Sustainability and Responsible Investing

Tiziana Maida, Head of Research, 26th May 2020 Responsibility has long been a fashionable by-word to most investment portfolios. Some date its start back to the 70s, with the Quakers’ movement prescribing exclusion of “sinful” companies (arms, oil and gas), others point to South Africa’s apartheid period as a pivotal moment, when investors began divesting […]

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Market Update

Chris Brown, CIO, 20th May 2020 Our previous updates this year have, inevitably, been focused on the virus and its impact on the global economy and markets. This time, though, we thought we would write about what we see happening closer to home in the UK. Though our portfolios remain international and diversified in nature […]

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Strategy Update

Chris Brown, CIO, 22nd April 2020 The current fight against the corona virus does indeed feel most like a war to us. The lesson of history is that wars always start with the participants expecting a quick victory, low casualties and everyone home by Christmas. In reality, the length of the campaign and the cost […]

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Q1 2020 Market Commentary

Q1 Overview: How Permanent Is The Damage? One analogy we sometimes use for investing is that it is like taking a dog for a walk across Hyde Park. You walk on a steady (but not necessarily straight) path in your intended direction. The dog, however, often has different ideas. Sometimes a long way ahead, sometimes […]

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